Fuel Prices Rocketing higher and higher..
With the Government freeing petrol from the price controls mechanism, the oil companies have gone wild pricing the petrol as per their whims. I understand with the public sector companies pricing it as per the international prices prevalent in the world, the prices would increase. But when the global crude prices fall, I have never seen the petrol prices ever been reduced save one instance some years back when the NDA was in government. This year has seen petrol prices being hiked at least 7 times in the year while ATF prices have been slashed twice. If this doesn't take the p*&^ out of petolheads then what will, evidently is the fact that every time the Oil PSUs complain of huge losses, the government promptly raises the prices. I have never seen petrol prices been reduced because of the decrease in global crude prices. The latest comment from Montek S Ahluwalia is a gem: "If you are importing energy, you should in fact align energy prices with world prices...there